House Approves $622 Billion Tax-break Package

The House of Representatives approved a $622 billion tax-break package on Thursday. The package makes a number of tax provisions permanent, including a research-and-development credit favored by businesses and an expanded Earned Income Tax Credit. Other provisions, like so-called bonus depreciation, are given multi-year extensions. The Senate is expected to vote on the package this week combined with a separate measure. The House's vote was 318 to 109.